SEC Secures Conviction for One Dream Global Scammers

The Securities and Exchange Commission (SEC) secured another conviction over an investment scam as the Regional Trial Court in Batangas sentenced officials of Lipa-based investment scam, One Dream Global Marketing, Inc., to pay a fine of P2.8 million and to serve up to 20 years of jail time on July 14.

 

Complaints were filed with the Department of Justice and the SEC Enforcement and Investor Protection Department in 2015 and accused the officers of offering investments worth P888, with the promise of a P1,300 payout after four days, excluding a 10% tax. A maximum of 31 slots were allotted per investor in exchange for a P39,022.80 payout after four days. Additionally, P44 was doled out for every referral.

 

The court found the perpetrators guilty of Sections 26.1 and 28.1, both in relation to Section 73, of Republic Act No. 8799, or the Securities Regulation Code (SRC). The company solicited investments from the public with a promised profit every four days. The scheme fell within the definition of “securities” under the SRC and constituted a “fraudulent transaction” under Section 26 because there was the purchase and sale of securities by the use of a scheme intended to defraud the investing public.

 

The conviction is in line with the Commission’s mandate to stamp out investment scams in the country. The SEC has already issued 60 advisories against groups and individuals for soliciting investments without licenses. It is also actively prosecuting 375 individuals in 56 cases for violations of the SRC and Republic Act No. 10175 or the Cybercrime Prevention Act of 2012.

 

 

The full press release can be found here.